Topgolf ended 2024 with 100 company-owned and operated venues, while its reported operating results show both network expansion and pressure on comparable-venue sales. This overview covers the company’s 2022–2024 venue, revenue, profitability, customer-prepayment and leasing data, with definitions and scope stated for each measure.
Key Topgolf Statistics
The most broadly useful Topgolf statistics are:
- 100 company-owned and operated venues were in the Topgolf network on December 31, 2024.
- Topgolf’s venue count increased by 7 venues from 2023 to 2024 in the company-owned and operated network.
- 2 new venues opened in the fourth quarter of 2024 across the Topgolf network.
- $1,728.3 million of venue revenue was reported for Topgolf in the year ended December 31, 2024.
- $1,809.4 million of total revenue was reported for the Topgolf operating segment in 2024.
- $48.4 million of year-over-year total-revenue growth was reported for Topgolf in 2024.
- Approximately 72.4% of Topgolf segment revenue came from same-venue sales in fiscal year 2024.
- Same-venue sales declined 9% for Topgolf in full-year 2024.
- Same-venue sales declined 8% at Topgolf comparable venues in the fourth quarter of 2024.
- $114.2 million of segment operating income was reported by Topgolf for full-year 2024.
- $337.2 million of adjusted EBITDA was reported by Topgolf for full-year 2024.
- $671.2 million of short-term deferred-revenue deferrals were recorded by Topgolf in 2024.
- $647.1 million of short-term deferred revenue was recognized by Topgolf in 2024.
- $40.2 million of deferred-revenue breakage was recorded by Topgolf in 2024.
- $1,452.0 million of goodwill and intangible-asset impairment losses were recorded for the Topgolf segment in 2024.
- $42.0 million of sales-type lease selling price was reported by Topgolf in 2024.
- $26.0 million of operating profit from sales-type leases was reported in 2024.
- $1,447.7 million of consolidated net loss was reported by Topgolf Callaway Brands for 2024.
Contents
- Key Topgolf Statistics
- Topgolf Venue Scale and Operating Footprint
- Topgolf Revenue Statistics and Business-Line Trends
- Topgolf Same-Venue Sales and Profitability Data
- Topgolf Deferred Revenue, Gift Cards and Customer Prepayments
- Topgolf Leasing, Impairment and Capital-Related Statistics
Topgolf Venue Scale and Operating Footprint
Topgolf’s reported network expanded in 2024, although the opening pace in the fourth quarter was lower than in the same quarter of 2023. The company-owned and operated count includes the venue categories identified in the company’s reporting, so the measures should not be treated as a universal count of every Topgolf-branded or affiliated location.
| Period or comparison | Venue statistic | Scope |
|---|---|---|
| December 31, 2024 | 100 venues | Company-owned and operated network |
| 2024 versus 2023 | 7-venue increase | Company-owned and operated network |
| Fourth quarter 2024 | 2 venues opened | Topgolf network |
| Fourth quarter 2023 | 9 venues opened | Topgolf network |
| Fourth quarter 2024 versus fourth quarter 2023 | 7 fewer openings | Difference between reported quarterly counts |
Source: Topgolf Callaway Brands Announces Fourth Quarter and Full Year 2024 Results. The 2024 count includes one venue acquired from BigShots, and the opening comparison is not a measure of demand.
As of December 31, 2023, the company reported 93 company-owned and operated venues: 88 Topgolf venues, one acquired venue and four venues in the United Kingdom. The filing distinguishes these categories, so they should not be assumed to be mutually identical or directly interchangeable.
Source: Topgolf Callaway Brands Corp. Form 10-K for the year ended December 31, 2024.
Topgolf Revenue Statistics and Business-Line Trends
Topgolf reports venue revenue separately from other business lines. The figures below are US$ millions for the years ended December 31 and represent revenue, not attendance, visits or venue capacity.
| Fiscal year | Venue revenue | Other business lines | Total Topgolf revenue |
|---|---|---|---|
| 2024 | $1,728.3 million | $81.1 million | $1,809.4 million |
| 2023 | $1,692.6 million | $68.4 million | $1,761.0 million |
| 2022 | $1,477.1 million | $71.9 million | $1,549.0 million |
Source: Topgolf Callaway Brands Corp. Form 10-K for the year ended December 31, 2024.
The company reported that total Topgolf revenue increased $48.4 million in 2024, while venue revenue increased $35.7 million. Venue revenue increased $215.5 million from 2022 to 2023 based on the annual filing figures; that derived difference is not a separate company-reported growth rate.
Other business-line revenue was $68.4 million in 2023 and $71.9 million in 2022. Venue product sales, which include golf clubs, golf balls, apparel, gear and accessories sold at venues, were $17.9 million in 2024, compared with $16.3 million in 2023 and $18.7 million in 2022.
These product-sales figures are a narrow category within Topgolf’s operating results, not a substitute for venue revenue. The revenue categories are reported in the 2024 Form 10-K.
Topgolf Same-Venue Sales and Profitability Data
Topgolf defines same-venue sales as sales from company-owned and operated venues with at least 24 full fiscal months of operations as of the comparison year. This is a comparable-venue measure, not total visits or total network sales.
| Fiscal year | Approximate same-venue share of Topgolf segment revenue | Same-venue revenue impact | Reported same-venue change |
|---|---|---|---|
| 2024 | 72.4% | $(123.3) million | Down 9% |
| 2023 | 72.1% | $9.2 million | Not stated in supplied release |
| 2022 | 73.5% | $117.8 million | Not stated in supplied release |
Source: Topgolf Callaway Brands Corp. Form 10-K for the year ended December 31, 2024. The percentages are approximate estimates using the company’s comparable-venue definition.
For the fourth quarter of 2024, same-venue sales were down 8% year over year at comparable Topgolf venues. The company reported fourth-quarter Topgolf revenue of $439.0 million, segment operating income of $26.9 million and adjusted EBITDA of $83.5 million.
Full-year 2024 Topgolf segment operating income was $114.2 million, up $5.4 million, or 5.0%, from 2023. Full-year adjusted EBITDA was $337.2 million, up $32.9 million, or 10.8%, from 2023.
Source: Topgolf Callaway Brands Announces Fourth Quarter and Full Year 2024 Results. Adjusted EBITDA is a company-defined non-GAAP measure and should not be treated as equivalent to net income or cash flow.
Topgolf Deferred Revenue, Gift Cards and Customer Prepayments
Deferred revenue shows customer or partner amounts collected or recorded before the related goods or services are recognized. Topgolf’s short-term deferred revenue includes gift cards, loyalty points, event deposits, memberships, prepaid sponsorships, virtual currency, game credits and certain fees, so it is not gift-card revenue alone.
| Deferred-revenue measure | 2023 | 2024 |
|---|---|---|
| Beginning short-term balance | $94.9 million | $110.9 million |
| Short-term deferrals during year | $694.1 million | $671.2 million |
| Recognized short-term deferred revenue | Not stated | $647.1 million |
| Deferred-revenue breakage | $26.3 million | $40.2 million |
| Prior-period ending gift-card balance recognized, excluding breakage | $63.7 million | $74.4 million |
| Ending short-term balance | Not stated | $96.0 million |
Source: Topgolf Callaway Brands Corp. Form 10-K for the year ended December 31, 2024. “Not stated” means the supplied facts do not provide that particular comparison value.
At December 31, 2024, long-term deferred revenue was $7.0 million, reported separately from the $96.0 million short-term balance. The $74.4 million recognized from the prior-period ending gift-card balance excludes breakage and relates specifically to the prior period’s ending balance.
Because the deferred-revenue totals combine several prepaid and digital categories, they describe customer-prepayment activity across the reported categories rather than standalone gift-card sales or customer counts.
Topgolf Leasing, Impairment and Capital-Related Statistics
Topgolf’s sales-type lease data primarily covers Toptracer and Swing Suite licensing agreements. These figures are presented in the filing’s lease tables and should not be confused with total Topgolf segment revenue or segment operating income.
| Sales-type lease measure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Selling price | $36.3 million | $30.3 million | $42.0 million |
| Leasing revenue attributable to sales-type leases | Not stated | $36.4 million | $49.4 million |
| Operating profit | Not stated | Not stated | $26.0 million |
| Interest income | Not stated | Not stated | $7.4 million |
Source: Topgolf Callaway Brands Corp. Form 10-K for the year ended December 31, 2024. The lease-table measures are not interchangeable with Topgolf’s operating-segment revenue measures.
The largest capital-related charge in the supplied 2024 data was a $1,452.0 million goodwill and intangible-asset impairment loss associated with the Topgolf segment. The company attributed the non-cash charge to its assessment of macroeconomic conditions and other factors.
Venue pre-opening costs decreased $11.1 million, or 42.9%, in 2024 versus 2023, primarily because of fewer openings and operational efficiencies. This cost trend sits alongside the reported decline in fourth-quarter openings from nine in 2023 to two in 2024.
At the consolidated Topgolf Callaway Brands level, 2024 net loss was $1,447.7 million, a company result rather than a Topgolf segment operating loss. The company also reported $42.0 million of non-GAAP net income after excluding specified items; that measure is consolidated and non-GAAP, not a standalone Topgolf segment result.
Source: Topgolf Callaway Brands Corp. Form 10-K for the year ended December 31, 2024.